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Western Asset Investment Grade Defined Opportunity Trust Inc. - IGI STOCK NEWS

Welcome to our dedicated page for Western Asset Investment Grade Defined Opportunity Trust news (Ticker: IGI), a resource for investors and traders seeking the latest updates and insights on Western Asset Investment Grade Defined Opportunity Trust stock.

Western Asset Investment Grade Defined Opportunity Trust Inc. (IGI) is a non-diversified closed-end management investment company. The primary aim of the Fund is to provide current income to its stockholders while its secondary goal is to achieve capital appreciation. It seeks to attain these objectives by investing at least 80% of its net assets in investment-grade corporate fixed-income securities with varying maturities.

Managed under the combined expertise of Franklin Templeton and Legg Mason, IGI capitalizes on a rich history of financial stewardship and a deep understanding of market dynamics. This partnership brings together seasoned professionals renowned for their strategic investment acumen and commitment to delivering shareholder value.

As part of its structured investment approach, IGI focuses on diversifying its portfolio across high-quality corporate bonds. This strategy not only aims to mitigate risk but also seeks to enhance returns over time. The Fund is configured to liquidate and distribute substantially all of its net assets to shareholders by the time of its termination.

Recent updates from Franklin Resources, Inc. underscore the Fund's ongoing commitment to adapting to market conditions and optimizing returns. Shareholders are encouraged to stay informed through official channels for insights and updates on fund performance and strategic initiatives.

Overall, Western Asset Investment Grade Defined Opportunity Trust Inc. stands as a significant player in the investment landscape, leveraging its dual-focus on income generation and capital growth to meet the evolving needs of its investors.

Rhea-AI Summary

Western Asset Investment Grade Defined Opportunity Trust, trading under 'IGI,' announced stockholders approved converting the Fund to a perpetual fund at a special meeting on June 7, 2024.

This entails eliminating its planned liquidation on December 2, 2024. A tender offer will start in September 2024 for up to 100% of the Fund’s Common Stock at net asset value.

If at least $50 million remains post-tender, the Fund will be renamed 'Western Asset Investment Grade Opportunity Trust,' retaining the ticker 'IGI.'

If less than $50 million remains, the Fund will liquidate in December 2024. A fee waiver of 10 basis points on the annual management fee will be applied until June 7, 2026.

The Fund is managed by Franklin Templeton Fund Adviser and sub-advised by various Western Asset Management entities.

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Western Asset Investment Grade Defined Opportunity Trust Inc. (IGI) reported its financial position as of February 29, 2024. The Total Net Assets reached $188,642,691, with NAV Per Share of Common Stock at $17.39. The Market Price Per Share was $17.06, indicating a slight premium. The Fund also disclosed Total Net Investment Income of $2,271,249 and Total Net Realized/Unrealized Gain of $3,462,903. Earnings per Common Share Outstanding showed growth in various categories. Undistributed Net Investment Income was reported at $(518,605). The Fund's financial data is unaudited, and it files reports with the SEC regularly.

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Western Asset Investment Grade Defined Opportunity Trust Inc. (IGI) announced the results of its annual meeting of stockholders, electing new directors and ratifying the selection of independent registered public accountants. The Fund is managed by Franklin Templeton Fund Adviser, and subadvised by Western Asset Management Company,
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Franklin Resources announces changes to the portfolio management team of the Fund effective March 1, 2024, with Michael Buchanan, Daniel Alexander, Ryan Brist, Kurt Halvorson, Blanton Keh, and Molly Schwartz taking over. The press release emphasizes that the data and commentary are for informational purposes only, and Franklin Resources and its affiliates do not sell shares of the Fund.
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Western Asset Investment Grade Defined Opportunity Trust Inc. (IGI) and Western Asset Global Corporate Defined Opportunity Fund Inc. (GDO) announced approval by their respective Boards of Directors to allow stockholders to remain invested by converting each Fund into a perpetual fund. The proposal includes a tender offer for 100% of outstanding shares at net asset value, with a $50 million threshold determining the fund's term elimination. If approved, the funds will implement a fee waiver for two years and continue trading on NYSE under current ticker symbols.
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Western Asset Investment Grade Defined Opportunity Trust Inc. (IGI) announced its financial position as of August 31, 2023. Total Net Assets decreased to $184,724,718 from $186,178,777 in the previous quarter. NAV Per Share of Common Stock decreased to $17.03 from $17.16. Market Price Per Share decreased to $16.18 from $16.33. Premium/(Discount) increased to -4.99% from -4.84%. Total Net Investment Income increased to $2,251,563 from $2,218,081. Total Net Realized/Unrealized Gain/(Loss) decreased to -$1,541,442 from -$898,829. Earnings per Common Share Outstanding increased to $0.21 from $0.20. Undistributed Net Investment Income decreased to -$504,290 from -$591,673.
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FAQ

What is Western Asset Investment Grade Defined Opportunity Trust Inc. (IGI)?

IGI is a non-diversified closed-end management investment company focused on providing current income and capital appreciation.

What are the primary and secondary investment objectives of IGI?

The primary objective is to provide current income, and the secondary objective is capital appreciation.

What types of securities does IGI invest in?

IGI invests at least 80% of its net assets in investment-grade corporate fixed-income securities with varying maturities.

Who manages IGI?

IGI is managed under the combined expertise of Franklin Templeton and Legg Mason.

How does IGI aim to enhance returns?

IGI aims to enhance returns by diversifying its portfolio across high-quality corporate bonds while mitigating risk.

What happens to IGI’s assets at the time of its termination?

At termination, IGI plans to liquidate and distribute substantially all of its net assets to shareholders.

How can shareholders stay updated on IGI's performance?

Shareholders can stay updated through official channels provided by Franklin Resources, Inc. and Legg Mason.

What recent updates have been provided by Franklin Resources, Inc.?

Recent updates highlight IGI’s commitment to adapting to market conditions and optimizing returns.

What is the significance of the partnership between Franklin Templeton and Legg Mason?

The partnership brings together extensive financial expertise and strategic investment acumen to manage IGI effectively.

What makes IGI a significant player in the investment landscape?

IGI's dual focus on income generation and capital growth positions it as a pivotal entity in the investment market.

Western Asset Investment Grade Defined Opportunity Trust Inc.

NYSE:IGI

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187.72M
10.85M
37.13%
0.08%
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